Hey guys, I was wondering everyone's opinion on this. I've worked for a contractor for the past 6 years and am at a point now where the only advancement I can make is to buy the company or start over with a new one.
A bit of background on the company. We're a telecommunications installation contractor who pretty much caters to one telecom company. Our owner seems to be very much 'over' doing anything within the company and it is causing us to potentially lose our contract putting 10-12 people out of the job. As it stands, I'm the only person the client ever wants to deal with. Aside from all this, our hiring process at the moment consists of the owner asking if the potential employee can pass a drug and background check, and if so, they are hired. The owner also has an extreme diversion to firing anyone for any reason short of a felony. Through the grape vine, I've heard that we are on the verge of getting fired from our contract. The only thing saving us at the moment is that there is no one else to go to at the present moment.
So, knowing all that, my question is would it be better to go through the process of buying the existing company which I would estimate at about $500k or start a new contracting company from scratch?
From my standpoint the main bonus of buying would be that I could get through the process a little faster and I would be able to keep the owner employed until I could get my contractors liscence. On the other hand I would be a little worried that the company's drop in performance would have a stigma attached that I wouldn't be able to be rid of for quite some time. With starting a new one it would probably cost less to start from scratch as well as avoid any stigma.
A bit of background on the company. We're a telecommunications installation contractor who pretty much caters to one telecom company. Our owner seems to be very much 'over' doing anything within the company and it is causing us to potentially lose our contract putting 10-12 people out of the job. As it stands, I'm the only person the client ever wants to deal with. Aside from all this, our hiring process at the moment consists of the owner asking if the potential employee can pass a drug and background check, and if so, they are hired. The owner also has an extreme diversion to firing anyone for any reason short of a felony. Through the grape vine, I've heard that we are on the verge of getting fired from our contract. The only thing saving us at the moment is that there is no one else to go to at the present moment.
So, knowing all that, my question is would it be better to go through the process of buying the existing company which I would estimate at about $500k or start a new contracting company from scratch?
From my standpoint the main bonus of buying would be that I could get through the process a little faster and I would be able to keep the owner employed until I could get my contractors liscence. On the other hand I would be a little worried that the company's drop in performance would have a stigma attached that I wouldn't be able to be rid of for quite some time. With starting a new one it would probably cost less to start from scratch as well as avoid any stigma.
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